U.S. consumer credit jumps more than expected in August
The Fed said consumer credit surged up by $20.1 billion in August after climbing by $16.6 billion in July.
The report said non-revolving credit such as student loans and car loans climbed by $15.3 billion in August after increasing by $15.2 billion in the previous month.
Revolving credit, which largely reflects credit card debt, also rose by $4.8 billion in August after inching up by $1.4 billion in July.
Compared to the same month a year ago, consumer credit in August was up by 6.2%, as revolving and non-revolving credit increased by 5.6% and 6.4%, respectively. ■